Ted Rogers, a communications entrepreneur who's been described as Canada's Ted Turner, died Tuesday of heart failure in his Toronto home. He was 75.
Rogers was founder and CEO of Rogers Communications, which operates a vast network of cable TV, Internet, and mobile calling services across Canada. Ted Rogers was also owner of the Toronto Blue Jays, a Major League Baseball club that plays at the Rogers Centre in downtown Toronto.
According to Forbes, Rogers had a net worth of $1.7 billion and was the world's 70th richest person.
In recent years, Rogers Communications has come to dominate the media and telecom landscape in much of Canada, particularly in its home province of Ontario. The company competes head to head with Bell Canada in the lucrative markets for cable TV, Internet, and mobile phone services. The company also operates numerous radio and TV stations, and publishes more than 80 magazines.
"Mr. Rogers, known for his indefatigable drive, built Rogers Communications into a Canadian and North American leader in wireless telecommunications, cable television, broadcasting, publishing, and more," the company said in a statement. "He will be sadly missed."
In 1960, Rogers laid the foundation for his company while studying law with the purchase of a single FM radio station. At the time, the FM format was considered obscure.
Rogers Communications hasn't named a successor. The company said its board will form a special committee to search for candidates. Alan Horn, currently chairman of Rogers Communications, will take on the role of acting CEO in the meantime.
Shares of Rogers Communications, which trade on the New York Stock Exchange, were down 2% to $27.12 in afternoon trading Tuesday.